NAR Cheat Sheet 2026

The 30 highest-yield NAR facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What makes a product presentation effective? → Focusing on how the product solves the specific customer problem
2. Under NAR's Code of Ethics, a REALTOR® acting as a buyer's representative must place whose interests first? → The buyer client
3. A listing agent who also owns investment properties and purchases a listing without disclosing their agent status to the seller is violating which principle? → The duty of loyalty and disclosure
4. During a needs assessment, a client ranks 'good school district' as their top priority. Under fair housing law, how should the REALTOR® respond? → Provide objective school performance data and show homes across all qualifying districts
5. What is the purpose of a price-per-square-foot analysis when researching comparable properties? → To normalize pricing across homes of different sizes for a meaningful comparison
6. When is it appropriate for a REALTOR to use a 'lowball' offer strategy for their buyer client? → When comparable data supports a lower value or the property has been sitting on market
7. During a counteroffer, the seller changes the closing date but not the price. What must the buyer do for a binding contract to exist? → Sign and return the counteroffer accepting all modified terms
8. A team leader wants to evaluate each agent's contribution to the pipeline. Which KPI most directly measures individual prospecting effort? → Number of new conversations initiated per week (contacts made)
9. Under the ADA (Americans with Disabilities Act), a commercial property owner is required to: → Remove architectural barriers in existing facilities where readily achievable
10. A seller rejects an offer but does not provide a counteroffer. What is the buyer's agent's best next step? → Contact the listing agent to understand the seller's objections
11. A buyer's agent has 15 active leads but only 3 have signed buyer representation agreements. What should the agent prioritize to strengthen the pipeline? → Convert unsigned leads to signed agreements before investing more time
12. Why is property inspection important in valuation? → It helps assess the condition of the property, influencing its market value.
13. What is the primary benefit of using a Customer Relationship Management (CRM) system in real estate? → It organizes client data and automates follow-up to maintain consistent communication
14. A REALTOR® receives an unsolicited inquiry from a person who is represented by another agent. Under Article 16, the REALTOR® should: → Immediately refer the person back to their current agent
15. What risk does a REALTOR® face by skipping a thorough needs assessment and going straight to showings? → The agent may waste time showing unsuitable properties and damage client trust
16. A buyer's agent discovers during a showing that the property has an unpermitted addition. What is the appropriate action? → Disclose the issue to the buyer client so they can make an informed decision
17. Which communication practice is most important when managing long-term client relationships after closing? → Maintaining periodic, value-added contact such as market updates and anniversary check-ins
18. What is a cap rate in property valuation? → The net income the property generates relative to its value.
19. How does market analysis help in property valuation? → It provides insights into property demand, pricing trends, and comparables.
20. A property listing advertises 2,400 square feet. A buyer suspects the measurement is inaccurate. What should the agent recommend? → Advise the buyer to hire an independent appraiser or measurer to verify the square footage
21. What is the primary benefit of integrating a CRM with an e-signature platform like DocuSign? → Triggering document signature requests directly from the transaction record
22. A property that generates $36,000 NOI annually sells for $450,000. What is the cap rate? → 8%
23. How should analytics be used to improve performance? → Identify patterns and trends that inform actionable strategy adjustments
24. What distinguishes excellent client service from adequate service? → Proactive anticipation of client needs and personalized attention
25. Under the Code of Ethics, a REALTOR® acting as a dual agent must: → Obtain informed written consent from all parties before proceeding
26. After a home inspection, a buyer submits a repair request list with 15 items. What negotiation approach is generally most effective? → Prioritize the most significant structural or safety items rather than cosmetic issues
27. A paired sales analysis is used in the sales comparison approach primarily to: → Isolate and quantify the market value of a single property feature
28. Under NAR's Code of Ethics, the term 'client' is distinguished from 'customer' because: → Clients are owed fiduciary-level duties while customers are owed honest and fair dealing
29. The fiduciary duty of 'accounting' in real estate requires an agent to: → Safeguard and report on all funds and property entrusted to them
30. What is the legal term for the moment a contract becomes binding when the seller accepts the buyer's offer and communicates that acceptance? → Mutual assent / contract formation